BUS101: Introduction to Business

2.1: Legal Forms of Business

• Leslie Lum's Introduction to Business: Readings and Workbook: "Module 2: Entrepreneurship and Legal Forms of Business"

  Read Module 2 of Introduction to Business on pages 149-170.
  

• Exploring Business: "Section 4.1: Factors to Consider"

  Read this section for questions to consider when you are starting a business. Complete the exercise at the end of the section.

• 2.1.1: Sole Proprietorship

  • Exploring Business: "Section 4.2: Sole Proprietorship"

    Read this section and, optionally, complete the exercises at the end of the section.

• 2.1.2: Partnerships (General and Limited)

  • Exploring Business: "Section 4.3: Partnerships"

    Read this section and attempt the exercise at the end of the section. Pay special attention to the definition and use of the term unlimited liability.
    

• 2.1.3: Corporations (LLC and Subchapter S)

  • Exploring Business: "Section 4.4: Corporation"

    Read this section and complete the exercise at the end of the section.

  • Exploring Business: "Section 4.5: Other Types of Business Owners"

    Read this section and complete the exercise at the end of the section. The table that you will create for this exercise will help serve as a review when you study for your final exam.

  • Leslie Lum's Introduction to Business: Readings and Workbook: "Module 2: Entrepreneurship and Legal Forms of Business"

    Go to pages 171 and 172 for the "Team Assignment: Forms of Business." Try to complete this exercise, though note that as you are working individually, you only have to choose one scenario to consider what would happen if it was a different form of business: sole proprietorship, partnership, or corporation. Of course, you may alternatively consider all of six scenarios provided, though this is not required.